- MXN is gaining ground on reports the GOP lawmakers are discussing vote to block Trump’s new tariffs on Mexico.
- USD/MXN’s 4-hour chart is flashing bearish divergence of RSI.
Mexican Peso seems to have picked up a bid in the last few minutes, possibly on reports stating that Trump’s plans to impose tariffs on Mexico could be blocked by Congressional Republicans.
The USD/MXN is currently trading at 19.7322, representing a 0.23% drop on the day.
Notably, on the 4-hour chart, the relative strength index has produced a lower high, contradicting the higher high on the price.
That bearish divergence indicates scope for a deeper pullback to the former resistance-turned-support of 19.6221 (March 7 high).
4-hour chart
Trend: Bearish
Pivot points
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